Permex Petroleum Corporation has entered into a non-binding Letter of Intent with 360 Energy to explore potential sites for deploying bitcoin mining technology powered by natural gas.
The partnership aims to capture and monetize natural gas at the source, potentially transforming the economics of natural gas monetization in the oil and gas industry.
The collaboration reflects Permex's strategy to embrace innovative technology and enhance asset value and environmental performance in the energy sector.
In-Field Computing Technology
360 Energy's In-Field Computing technology enables off-grid bitcoin mining operations powered solely by natural gas, offering the potential for higher returns from natural gas volumes.
Strategic Value Creation
The partnership with 360 Energy could allow Permex to move beyond traditional monetization models and extract additional value from current and future gas production.
Environmental Sustainability
By reducing methane emissions and utilizing stranded gas, Permex aims to enhance environmental performance while capturing higher realizations on natural gas.
- The collaboration with 360 Energy and the potential deployment of In-Field Computing technology have the potential to revolutionize how hydrocarbons are valued and developed in the energy sector.
- Permex anticipates capturing natural gas realizations upwards of $10 per Mcf through the deployment of IFC units, while also unlocking development opportunities in fringe basins with limited midstream access.
Permex's partnership with 360 Energy represents a strategic step towards leveraging innovative technologies to enhance asset value and environmental sustainability in the oil and gas industry. The deployment of In-Field Computing technology could pave the way for transformative changes in natural gas monetization.